If it was a dealer or an open auction, and you got it for £600, then great. IMO however, if it does have a DON bezel, an AML dial, etc in average or above condition, I don't think it's cricket to pay a fellow collector £600 for this, knowing that a no reserve auction on ebay would likely see if sell for up to 4 times that amount.
The only caveat would be, if he does know the value, isn't bothered, and offered it to you for a token amount as an amazing gesture to get your collection started. Obviously if you've just met the old chap, this is unlikely.
Condition of course is king, you don't want to pay £600 either if it's a complete dog.
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